Obama on Debt Ceiling Deal: ?We?re Not Done Yet?

President Obama and House Majority Leader John Boehner have agreed to a deal to raise the debt ceiling and cut spending by $1 trillion over the next 10 years.The deal also provides for a bipartisan committee to recommend further measures to reduce the debt.

House Republicans and its leader John Boehner were seen as the key stumbling block to a deal.

Senate Leaders Harry Reid and Mitch McConnell already had enough of an understanding, according to Reid.House Democratic Leader Nancy Pelosi supported Reid’s plan, even though she had some reservations about support among other House Democrats.

Boehner, however, reportedly held out over cuts to defense spending, according to NationalJournal.

Now that he and Obama have agreed to a deal, the debt ceiling would be raised on Monday assuming lawmakers fall within party ranks.

That assumption, however, is anything but sure.

Both Obama and Reid said as much.

“We're not done yet. I want to urge members of both parties to do the right thing and support this deal,” said Obama, reported NBC.

"Leaders from both parties and in both chambers will present this agreement to our caucuses tomorrow.To pass this settlement, we'll need the support of Democrats and Republicans in both the House and Senate. There is no way either party, in either chamber, can do this alone," said Senate Majority Leader Harry Reid, reported Reuters.

“There is nothing in this framework that violates our principles. It's all spending cuts,” said Boehner, presumably referring to the Republican principle that there be no tax hikes.

Boehner’s comment could be perceived as the beginning of his campaign to rally support for the deal among House Republicans.

If anyone will block this deal on Monday, it will likely be freshman Tea Party House Republicans, who Boehner has struggled to command.

These Representatives are hardliners against government spending and likely prefer more spending cuts than the Obama-Boehner deal promises.

On the Democratic side, progressives could balk against spending cuts on entitlement programs.

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